The Shiba Inu (SHIB) price found support at the 200-week Exponential Moving Average and is currently slightly down. On-chain data shows that SHIB experienced a retracement event on June 24, with supply on exchanges decreasing, suggesting that bullish momentum could push SHIB prices higher in the coming days.
Shiba Inu prices are promising
Shiba Inu price has found support at the 200-week Exponential Moving Average (EMA) around $0.00001694 and is currently trading at $0.00001757, up 2.3% on Wednesday.
The 200-week Exponential Moving Average is almost identical to the weekly support level of $0.00001690, which is considered a key support level.
If this support holds, SHIB could rally 18% to retest resistance at $0.0000208, the 61.8% Fibonacci retracement drawn from the weekly low $0.0000054 from June 5, 2023, to the high weekly maximum $0.00004575 from March 4, 2024.
The Relative Strength Index (RSI) on the weekly chart has dipped slightly below its 50 average, while the Awesome Oscillator (AO) is also heading lower. If the bulls are truly back, both momentum indicators must maintain positions above their respective averages. This development will create momentum for the price recovery.
SHIB/USDT weekly chart
Based on IntoTheBlock's Global In/Out of the Money (GIOM) data, nearly 60,110 addresses have accumulated 58.85 trillion SHIB tokens at an average price of $0.000016. These addresses bought memecoin between $0.000014 and $0.000017, making this an important support zone. These investors are likely to buy more if prices continue to adjust downward.
Interestingly, the $0.000014 to $0.000017 zone from a technical analysis perspective coincides with GIOM's findings, making this an important reversal zone to watch out for.
SHIB GIOM chart
Santiment's Profit/Loss Index (NPL) calculates daily Return on Investment (ROI) at the network level based on the coin's on-chain trading volume. Simply put, it is used to measure the pain level of the market. Sharp spikes in a coin's NPL indicate that holders are selling at a significant profit. Conversely, sharp declines indicate that holders are losing money, indicating panic selling and investor pullbacks.
In SHIB's case, the NPL index fell to -1.85 million and -15.08 million on June 23 and 24, coinciding with a 5.28% price drop. This decline shows that holders are losing money.
During this retracement event, SHIB supply on exchanges decreased from 73.15 million to 72.5 million in two days. The decrease in supply on these exchanges shows that investors are moving SHIB to wallets and reducing selling activity, signaling bullish price prospects and adding investor confidence in the Shiba Inu.
SHIB Network's Actual Profit/Loss and Exchange Supply Chart
While on-chain indicators and technical analysis both point to a bullish outlook, if SHIB's weekly candle closes below $0.00001690, the weekly support level, it will invalidate the bullish thesis. price by creating lower levels on the weekly timeframe. This development could send Shiba Inu price down 16% to the next weekly support at $0.00001430.
Source: https://tapchibitcoin.io/gia-shiba-inu-shib-san-sang-tang-18-sau-xu-huong-giam-keo-dai-ba-thang.html
